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Covéa to invest €1.5bn with EXOR & PartnerRe managed special purpose reinsurance vehicles

Written by Adam Cadle
04/08/2020

Covéa is to invest a total of €1.5bn with Exor and in special purpose reinsurance vehicles managed by PartnerRe.

A total of €750m will be allocated for investment opportunities alongside Exor. A further €750m, with a three-to-five-year lock-up period, will be allocated in a number reinsurance vehicles investing in property catastrophe and other short-tail reinsurance contracts. A €500m investment in special purpose insurance vehicles will be made on 1 January 2021 with an additional €250m investment to be made prior to or on 1 January 2024.

Commenting on the agreement, John Elkann, chairman and CEO of Exor said: “After having decided definitively to continue our project to build one of the world’s leading independent reinsurers, we’re more than happy now to have been able to agree with Covéa this constructive cooperation extending also to other fields of our activity."

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